I know if the base oc/soz the Dino comp beats the regular animals and dragons hands done. Does the elemental comp compare to the Dino? I am building a druid with the lion prc for a better pet (free exalted comp).

The dinosaur will still win out. The only advantages that the elemental companions would have would be, for example, the fire and water elemental's immunity to fire. It's not that the elemental companion is bad, it's just not going to be as effective in combat as the dino.